Fort Walton Beach — Annual Comprehensive Financial Report, September 30, 2022 — reading text

109  City of Fort Walton Beach, Florida SCHEDULE 4 CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS Last Ten Fiscal Years (modified accrual basis of accounting) 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Revenues Taxes $ 9,901,157 $ 11,537,812 $ 11,837,177 $ 11,941,311 $ 12,220,392 $ 12,741,642 $ 13,101,370 $ 13,441,866 $ 13,705,445 $ 14,378,360 Licenses, permits, and fees 2,221,406 2,392,487 2,564,079 2,623,810 2,514,178 2,586,035 2,659,200 3,475,389 4,102,640 4,471,993 Intergovernmental 3,400,876 3,376,079 3,951,367 4,322,696 4,266,425 4,880,937 5,516,224 9,870,743 9,094,488 8,760,009 Charges for services 1,065,316 2,373,486 2,499,107 2,402,801 2,488,384 2,739,021 2,868,887 2,757,191 3,461,193 3,628,960 Fines and forfeits 241,923 133,645 131,020 121,513 127,406 101,378 94,578 93,827 77,476 117,291 Investment losses, net - - - - - - - - - (1,939,598) Miscellaneous 431,625 827,526 1,142,936 935,821 1,042,958 819,264 1,770,325 1,561,538 1,358,329 910,757 Total Revenues 17,262,303 20,641,035 22,125,686 22,347,952 22,659,743 23,868,277 26,010,584 31,200,554 31,799,571 30,327,772 Expenditures General governmental services 2,514,734 2,891,275 2,813,835 3,017,374 3,228,767 3,631,410 3,377,241 3,620,756 3,632,924 3,737,220 Public safety 9,066,246 9,082,876 9,080,984 9,053,178 9,913,344 10,584,430 10,157,745 11,255,650 12,988,274 14,189,424 Physical environment 311,684 325,864 339,596 337,831 372,552 425,472 439,446 440,769 491,526 484,405 Transportation 1,012,387 867,730 862,712 852,602 890,762 762,058 824,349 723,669 741,097 890,333 Economic environment 1,032,659 745,586 1,730,631 1,432,788 1,468,393 1,045,687 1,282,063 1,182,887 945,657 1,006,864 Culture and recreation 2,267,141 3,744,452 4,122,310 4,196,979 4,170,787 4,477,927 4,685,690 4,929,243 4,924,696 4,880,270 Capital outlay 1,282,142 4,721,096 8,128,139 2,105,686 1,598,285 3,574,823 10,498,028 4,546,491 2,823,402 3,827,661 Debt service Principal 4,540,488 612,996 660,107 673,851 682,229 718,320 698,381 1,084,666 1,203,619 1,871,562 Interest and other costs 203,347 377,574 354,544 336,835 316,629 297,245 547,165 734,680 708,959 725,016 Total expenditures 22,230,828 23,369,449 28,092,858 22,007,124 22,641,748 25,517,372 32,510,108 28,518,811 28,460,154 31,612,755 Excess of revenue over (under) expenditures (4,968,525) (2,728,414) (5,967,172) 340,828 17,995 (1,649,095) (6,499,524) 2,681,743 3,339,417 (1,284,983) Other Financing Sources (Uses) Proceeds from financing contracts 103,784 - 67,774 - - - 350,000 74,135 - - Proceeds from issuance of leases - - - - - - - - - 31,944 Transfers in 673,836 1,636,165 1,721,632 1,798,184 1,794,419 1,868,634 2,353,906 3,620,644 3,723,288 4,217,403 Transfers out (2,819,277) (1,241,454) (1,064,074) (1,042,338) (1,032,680) (1,021,261) (1,262,327) (1,872,958) (1,963,506) (2,420,320) Sale of general capital assets - - - 850,000 - - - - 748,986 - Debt issuance 12,942,539 - - - - - 12,520,000 - 2,499,320 - Total other financing sources (uses) 10,900,882 394,711 725,332 1,605,846 761,739 847,373 13,961,579 1,821,821 5,008,088 1,829,027 Net change in fund balance $ 5,932,357 $ (2,333,703) $ (5,241,840) $ 1,946,674 $ 779,734 $ (801,722) $ 7,462,055 $ 4,503,564 $ 8,347,505 $ 544,044 Debt service as a percentage of noncapital expenditures 22.65% 5.31% 5.08% 5.08% 4.75% 4.63% 5.66% 7.59% 7.46% 9.35% Sources: Unless otherwise noted, the information in these schedules is derived from the comprehensive annual financial reports for the relevant year. The City implemented GASB Statement 34 in 2002; schedules presenting government-wide information include information beginning in that year. Note: Beginning in FY14, the Golf Enterprise Fund was transferred into the General Fund. Note: Beginning in FY22, the City implemented GASB Statement No. 87, Leases 110  City of Fort Walton Beach, Florida SCHEDULE 5 REVENUES AND OTHER SOURCES (1) Last Ten Fiscal Years Unaudited Interest, Investment Other Fiscal Licenses, Fees, Intergovernmental Charges for Fines and Losses, and Financing Year Taxes and Permits Revenues Services Forfeitures Other Revenues Sources TOTAL 2022 $ 14,378,360 $ 4,471,993 $ 8,760,009 $ 3,628,960 $ 117,291 $ (1,028,841) $ 1,829,027 $ 32,156,799 2021 13,705,445 4,102,640 9,094,488 3,461,193 77,476 1,358,329 5,008,088 36,807,659 2020 13,441,866 3,475,389 9,870,743 2,757,191 93,827 1,561,538 1,821,821 33,022,375 2019 13,101,370 2,659,200 5,516,224 2,868,887 94,578 1,770,325 15,223,906 41,234,490 2018 12,741,642 2,586,035 4,880,937 2,739,021 101,378 819,264 1,868,634 25,736,911 2017 12,220,392 2,514,178 4,266,425 2,488,384 127,406 1,042,958 1,794,419 24,454,162 2016 11,941,311 2,623,810 4,322,696 2,402,801 121,513 935,821 2,648,184 24,996,136 2015 11,837,177 2,564,079 3,951,367 2,499,107 131,020 1,142,936 1,789,406 23,915,092 2014 11,537,812 2,392,487 3,376,079 2,373,486 133,645 827,526 1,636,165 22,277,200 2013 9,901,157 2,221,406 3,400,876 1,065,316 241,923 431,625 13,720,159 30,982,462 (1) Includes General Fund, LETFs, CDBG Fund, FBC Fund, CRA Fund, Debt Service Fund, Capital Projects Fund, and Beal Memorial Fund Sources: Unless otherwise noted, the information in these schedules is derived from the comprehensive annual financial reports for the relevant year. The City implemented GASB Statement 34 in 2002; schedules presenting government-wide information include information beginning in that year. Note: Beginning in FY14, the Golf Enterprise Fund was transferred into the General Fund. 111  City of Fort Walton Beach, Florida SCHEDULE 6 ASSESSED VALUE OF TAXABLE PROPERTY (1) Last Ten Fiscal Years Unaudited Total Assessed Total Tax Real Personal Assessed Value for Direct Tax Year Property Property Value Exemptions Operations Rate 2022 $ 2,284,074,540 $ 134,039,029 $ 2,418,113,569 $ 531,246,048 $ 1,886,867,521